SERVICE DESCRIPTION. Salary and Quick Cash Loan Facility is an essential part & unique feature of the HRBuddy (formerly RCF HRIS) that allows employees to cash in a portion of their wages in advance to fund their urgent needs. Employees can directly request for a Salary or QuickCash Loan from their salary through their HRBuddy portal. For the Quick Cash, funds can be credited to their e-wallet within 24 to 48 hours. For the Salary Loan, crediting or release of the proceeds thereof shall be subject to the regular loan application and approval process.

USE OF SERVICE. The access and use of this Salary and Quick Cash Loan Facility by the enrolled employees of the employer shall be an essential part of the existing HR Buddy Software.

SERVICE CONTRACT. The term of this Salary and Quick Cash Loan Facility shall be coterminous with Software Service Agreement signed by the parties.

SERVICE FEES. No additional Service Fee shall be paid by the employer for the inclusion of this Salary and Quick Cash Loan Facility to their HR Buddy Software.

CONDITIONS FOR AVAILMENT.

1. Fund release for the availment of the Salary and Quick Cash Loan Facility shall be via crediting to the applicant’s e-wallet with Right Choice Finance Corporation (RCF).

2. For this purpose, applicants, prior to the availment of the Loan Facility shall create, free of charge, an e-wallet through the HRBuddy portal.

3. The maximum loan amount for the Quick Cash Loan Facility shall be 25% of the net monthly pay of the employee.

4. The maximum amount for the Salary Loan Facility shall be Three Hundred Thousand Pesos (P300,000.00) or two times the net monthly pay of the employee, whichever is lower.

5. The processing fee for the availment of a Quick Cash Loan Facility shall be Php199 or 5% of the loan amount, whichever is higher, which shall be deducted from the loan proceeds upon release thereof. No other further charges or interest shall be imposed for the taking out of the loan. The amount of processing fee may be subject to change as the exigencies of business may require.

6. For the Salary Loan, the same shall bear interest at the rate of five percent (5%) per month subject to a rebate of 1.5% per month at the end of the term if all the monthly amortizations are paid on time. Additionally, Salary Loan is subject to a one-time processing and other fees which shall be deducted from the loan proceeds upon release thereof. Computations of the interest, amortizations, processing and other fees shall be made known to the employee upon application.

7. Payment of the full amount of the Quick Cash loan shall immediately be deducted from the salary of the employee on the succeeding payroll cycle, while payment of the Salary Loan shall be subject to the applicable deductions every pay period. Employees availing of this Loan Facility expressly agree to grant the employer the authority to deduct the required payment from their salary on the applicable payment cycle or pay period.

8. The employer agrees and undertakes to remit to RCF all payments deducted from the employees salary without the need of a formal demand. It is understood that all payments, for this loan facility, deducted by the employer from the employees’ salary are due and demandable on the immediately succeeding day. Failure of the employer to remit the same to RCF, without valid or justifiable cause, shall result in the imposition of penalty interest against the employer, at the rate of 1% per day of delay until the same is actually remitted.

9. In the event that the payment due to RCF was not deducted from the applicable salary of the employee and the latter received the same as part of his or her salary, the employer is duty bound to either return the same to the employer for remittance to RCF or remit the same directly to RCF on or before the immediately succeeding day after payroll release. Failure of the employee to remit the said payment either through the employer or directly with RCF shall result in the imposition of a penalty interest, against the employee, at the rate of 1% per day of delay until the same is actually remitted. Penalty interest chargeable to the employee, as provided herein, shall be immediately deductible from the succeeding pay periods until the same is paid in full.

10. By subscribing to the HRBuddy, all enrolled employees of the employer shall have access to and be eligible to avail of the loans being provided by Right Choice Finance (RCF). For this purpose, the employer undertakes to regularly update the list of all enrolled employees who may avail of this service.

DATA PRIVACY. The parties hereto hereby expressly agree that performance and enforcement of any and all obligations under this Salary & Quick Cash Loan Facility, which relates to any data of either party, shall be subject to the provisions of the Data Privacy Policy as well as the Non-Disclosure Policy of RCF.

INCORPORATION BY REFERENCE. In so far as it is not inconsistent herewith, the provisions of the Software Service Agreement signed by the employer shall form part hereof. The parties further agree to abide and be bound by the Terms and Conditions, the Data Privacy Policy, and the Non-Disclosure Agreement, which were all incorporated by reference to the Software Service Agreement and are available anytime at the official website of RCF.